Esther Pierce: "Developing regulation of cryptocurrencies should not be hasty"

Commissioner SEC Esther Pierce (Hester Peirce) stated, that the US government works slower, than the private sector, But this trend is not necessarily negative.

Esther Pierce expressed her opinion at the Bitcoin for Advisors conference
and talked about the approach of the securities commission and exchange in the USA (SEC) To innovation in financial technology, Including cryptocurrencies.

"The regulatory authorities act slowly, And this is the reason. We need to develop a process, So that we are sure, that people notice changes in the rules and can express their opinion on this subject ", – She said.

Ideally, the rules and management would not limit, What technologies can be used, allowing innovators to create a wide range of compatible tools and platforms. At the same time, the pier noted, that some rules are very outdated. She said, that I would like to speed up the agency’s work in certain areas, indicating as one of the examples of cryptocurrency.

"The SEC structure was created in the 1930s-1940s and expanded over time", – She told. “Now there are areas, including cryptocurrency industry, into which we will need to make adjustments, And I really think, that we must move faster ... In this regard, I am impatient ".

According to her, Typically, agency employees approve or do not approve of the launch of financial products, eg, ETF. Five commissars SEC, usually, Do not interfere, But "in the case of ETF to Bitcoin, we took part in the discussion", – She said.

Answering a question about the future direction of work SEC, Given the policy of the new US president, Pierce said, that regulators will continue to create a regulatory framework for cryptocurrencies. She also indicated the fact, that there are congressmen from both parties, who are optimistic about cryptocurrencies, And said, that support for this sector is biparty.

In October, Esther Pierce said, that the recent actions of American regulators against the Bitmex exchange is a “alarm” and a warning for the entire cryptocurrency business. Earlier, the pier also called
The developing branch of decentralized finance (DeFi) "Revolutionary", but recognized possible problems for regulators.